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Closing Bell With Maria Bartiromo

News/Business. Maria Bartiromo. Analysis of the day's winners and losers in the stock market. New.

NETWORK

DURATION
01:00:00

RATING

SCANNED IN
San Francisco, CA, USA

SOURCE
Comcast Cable

TUNER
Virtual Ch. 58 (CNBC)

VIDEO CODEC
mpeg2video

AUDIO CODEC
ac3

PIXEL WIDTH
528

PIXEL HEIGHT
480

TOPIC FREQUENCY

Sandy 21, Us 19, New York 15, New York City 9, Manhattan 6, Nassau 5, Andrew Cuomo 4, Schwab 4, Long Island 3, Dick Kovacevich 3, Atlantic City 3, Boston 2, Geico 2, Massmutual 2, Todd 2, Eric 2, Washington 2, Bayville 2, Robert Frank 2, Hahaahahaha 2,
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  CNBC    Closing Bell With Maria Bartiromo    News/Business. Maria Bartiromo. Analysis of the  
   day's winners and losers in the stock market. New.  

    October 29, 2012
    4:00 - 5:00pm EDT  

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>> i want to thank the governor. second time he's visited during this impending record breaking tidal surge. the assets he's brought to nassau county has helped position us so we're in the best place to help our resident should this storm reach the record levels that are anticipated. we are already seeing flooding above normal records. we have roads that have been closed. we urge our residents, if you're in the flood zone, evacuate safely now. i've been informed by the weather service that that impending storm and those wind will be moved up to about 6 p.m. that's when we can expect a more severe storm coming. with 7 p.m. the high tide, between 7 p.m. and 11 p.m. we are very concerned in nassau county. this is the time to get out of harm's way and let our first responders do the job they're trained to do.
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i thank you, governor, for being with us and helping us get as prepared as possible for what could be record-braeging tidal surge here in the county. >> thank you. >> i want to join county executive in thanking the governor for really what has been an incredible amount of support from new york state on this storm as the county executive mentioned, this storm has intensified and arriving earlier than we had expected. we have utilized support from new york state in their incident management teams that have been provided. urban search and rescue teams have been provided. they have been crucial in the planning and preparations and responding to events happening here today. we've also had state vehicles,
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humvees and other vehicles responsibilitying from the national guard, from the state in the town of babylon responding to several working fires during this first surge at high tide earlier today. the flooding went up to montauk highway. very significant flooding. so we can expect to see that really intensify as the storm makes landfall. and high tide and storm's winds meet at the same time, really producing what we have been talking about for the last few days, and that is this incredibly dangerous storm. earlier today after the intensification of the storm, we were successful on a multiple agency level, including working with new york state assets, rescuing, evacuating additional
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people off of fire island. we understand now that those who have chosen to ride out the storm and made that decision on fire island, this is a life-threatening storm. we contacted people again and made additional efforts to evacuate people. we were successful in evacuating an additional 14 people off of fire island today. during that evacuation we lost one police vehicle, marine 3. but thanks to the assets that have been provided by the governor, we were able to aff t affectuate an additional 14 people off fire island. i want to thank the governor for all of hi support and efforts during this difficult storm. >> thank you. first, let me begin by thanking county executive ed mangano.
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his leadership has been exemplary today. very difficult situations all across nassau county, but especially in areas like long beach and in bayville, communities that have experiencing flooding and severe coastal attacks. and he has done really, really great work. and i applaud him for it and i applaud him for his partnership and cooperation. likewise county executive steve balone has had a very busy day already and the worst is yet to come. he's had a situation on fire island that was and is life-threatening for people. and he's hed i magnificently well. i'd also like to extend congratulations to all the first responders who have been working all through the day, but also have been preparing for days. you know, we knew this was coming. so, you have many, many people who went into today having worked 24 hours. so, they've -- and it's ugly out there, as you know. they've been doing great work.
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special thanks to the national guard, much more deploying as we speak. another 1,000 national guard who have been called up. they in so many ways provide the energy, the muscle, if you will, to do many of these operations. they put themselves in harm's way. we thanked them very much. this storm is basically as expected thus far. we said it was going to be a lot of wind and rain. that's what they forecast and that's exactly what we've gotten and more. sandy's fury is still going to come this evening. originally it was supposed to be about 8:00. that has now been moved up and could be as early as 6:00. where we're we'll start to feel the full impact of high tide. that gives people a short window. people have not yet evacuated. they should have already, in my opinion, but that's a -- it's a very short window until we really feel the full impact of
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sandy's fury. this is probably the last warning that we're going to be able to give people about getting themselves to a safe place before that coastal surge really hits. of the national guard, the 1,000 that are going to be deployed today, the majority of those national guard will be deployed on long island. as the issue becomes more and more the coastal surge, long island becomes more and more vulnerable and the primary area of our operation. nassau county has put in an urgent request to get more assistance from national guard to help evacuate people from the long beach area and the bayville area. we're going to have 30 additional humvee teams and 30 additional high axle teams go out as soon as possible this evening to start that mission in concert with nassau county. the winds have been increasing.
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you can feel it f you've been outside or if you're in your home, i'm sure you can hear it. it's made a dangerous situation on the bridges in the metropolitan area. we're go to closing a number of bridges. there may be some brief intervals in electric service also, i want you to know. that may very well happen. don't be alarmed and surprised if it does. the tappen zee bridge is going to close -- >> we're listening to new york governor andrew cuomo and new york state officials giving afternoon update on hurricane sandy. we're approaching a critical time for new york city and the rest of the northeast as massive storm gets set to make landfall in the next two hours. the situation getting dangerous in many parts of the east coast. as you see in manhattan, there is a situation involving a damaged crane. in midtown. we will continue to update you on that and other developing stories over the course of the hour. by the way, we now know that
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emergency workers on the scene of that crane dangling off a 65-story building, that building is being built to a 90-story building. that's why the crane was on top of the building. they have now -- they're going as high as they can to inspect the crane. but city officials say there are no plans right now to take down the crane and remove the crane because it is simply too dangerous. governor cuomo will call into the show after that press conference, so we'll talk to him directly in terms of business on new york. first, let's get to courtney reagan, smehe's at the news des >> we're hearing from our partners at wnbc that the department of building engineers are going up in the building to inspect. they're going as high as they possibly can to inspect that crane but as of right now,there are no plans to remove it. it is simply just too dangerous. officials are evacuating the
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area surrounding this building. however, one of our cnbc employees is just one block south and has noted his building has not yet been evacuated. we don't exactly know who has been evacuated. we're getting some mixed messages right there. we know construction sites were told to tie down their equipment by saturday at 5 p.m. we don't know exactly what happened with this crane and how that was missed or if it was missed. that's something we to want keep paying attention to. this will be the tallest residential building in new york city once the construction is completed. it will be as high as 90 stories. part of it, the lower part will also be hotel. it's not just complete residential but a hotel operated by park hyatt on lower floors. new york officials are evacuating the area around it. we'll continue to bring you the latest. >> courtney, thank you. we should point out the new york city buildings department suspended the work on this building at 5 p.m. saturday in anticipation of the storm. why they would leave that crane
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occupy the roof, everybody is wondering. we to want get more on this crane collapse in new york city. on the phone with me now is lewis colletti, ceo and president of building trades employer association which represents new york city construction companies and is familiar with the building and crane. good to have you with us. thank you for joining us. >> thank you. >> was this a mistake they left the crane up there? why would anybody leave a crane on top of a building when we have this unprecedented storm coming our way? >> no, it wasn't a mistake. construction companies throughout new york city, including this project, have been working with the city buildings department since friday in securing to the best degree that anyone could in preparation for this storm. review plans are -- plans are reviewed by licensed engineers. the information that i have is that much of the scaffolding is secure. there are other sites in new york city that have such tower cranes and they are secure.
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what we're fashioning is an unprecedented storm, in the history of the city of new york. but construction companies across the city have been working in due diligence with all emergency personnel to secure all tower cranes in new york city. >> i guess given the fact that, you know, this is a 90-story building going up and we're only at 65 stories, so you're in the middle of construction, would it have been too expensive to take the crane down knowing that the winds would pick up with such se a severity? you're saying they left it there. didn't anticipate how strong the winds would be -- >> no, public and worker safety are the highest degree. every security potential was reviewed. knowing what the potential was going to wblg the storm, consulting with weather experts, consulting engineers, city officials and making sure that
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the tower crane was as secure as possible to protect the interest. cost does not enter into into those conversations. >> cue tell us what you impact on construction and construction workers as a result of today? >> not knowing where we'll be at for the next couple of days, it's difficult to predict. just -- even hoping for the best, i think what will happen was just scheduling delays, will have a tremendous impact on the economy. just trying to clean up from whatever debris is left over. but people have been working in very -- strongly and cooperative since friday in order to protect against this. we're hoping the damage, if any, is very minimal. >> very quickly, the emergency workers at the scene say that they have no plans right now to go up and remove the crane, although they are going as high as they can to inspect the
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crane. is that the right call as far as where we are right now with the storm about to hit landfall in the next couple of hours? >> oh, absolutely. i think any efrlgforts to dismae the crane at this point would provide more of a daveng. >> thanks very much for joining us. >> thanks, maria. >> we appreciate that, louis coletti at building trades association. our coverage of hurricane sandy continues after this break as she whips across the eastern seaboard. bob pisani will be up. with the fidelity stock screener, you can try strategies from independent experts and see what criteria they use. such as a 5% yield on dividend-paying stocks. then you can customize the strategies and narrow down to exactly those stocks you want to follow. i'm mark allen of fidelity investments. the expert strategies feature is one more innovative reason serious investors are choosing fidelity.
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welcome back. that is a shot of new york city, broadway. the shot right behind me. the rain, of course, is picking up. but the winds are really the story. brian shactman is on long island where many residents have evacuated. what can you tell us? >> maria, you hit that 100% on the head. the water is coming behind me. we're actually at a lower point
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of our last -- hour ago. we had to move up to higher ground because waves were hitting at every single step. we saw a huge tree getting tossed around like a toothpick. the water's coming. i talked to town supervisor in east hampton and the water's a concern. it's the sustained wind we're experiencing that are getting progressively worse. outage imagine, long island has 175,000 customers that are without power. we just got word from north shore of long island that people are losing power every -- every few minutes it gets worse and worse. now, when it comes -- where we are behind me is atlantic ocean. high tide around 8 p.m. where i'm standing now could very well be under water. the north side is where they're actually a little more concerned on long island sound because if the storm follows this path, they might have the -- a problem with wind. but their water problems might be far worse. even though it's hard to explain, we're lower on the
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water table, but a lot of properties are up on the hill on the north side it's much more flat. as you well know, maria, there are incredible properties in this area worth millions and millions of dollars. and the concern is -- right now just roof damage and a lot of tree damage and sea fences. >> unbelievable. brian, thank you very much. i guess the issue is, are we going to see the ocean and the bay meeting, because the water levels are rising so much? of course, u.s. markets are closed through at least tuesday. we know that for a fact. there is an effort to reopen on wednesday but it's really what we see. what is the reality that will happen and what does four days of no trading in the united states mean for investors? bob pisani is with me along with cnbc contributor of "destination wealth management" and aaron hodges. what do you think the impact will be when trading does resume? you've got to believe certain people sitting on positions,
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either wanted to unload those positions or get new ones? what would you expect wednesday if, in fact, trading does resume? >> well, you know, it's interesting. one would think there would be this pent-up demand to trade. but i think given the fact that there's going to be such outages and so much disruption on the east coast, i expect volume to be pretty light. if volume is pretty light and we have companies actually beginning to report their earnings, which many today and tomorrow will be reporting wednesday, thursday, friday, you could actually see -- not so much from the storm, really just thin volume and see significant volatility based on earnings report. >> as people just stay out of the way. bob, are they going to be able to open the new york stock exchange and nasdaq on wednesday? what pressures are out there to do that? >> a lot of pressure. we're at the end of the month. a lot of firms price their portfolios at the end of the month. essentially their p & l. some funds it's the end of the year.
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they need data points to send out to investors. that's the pressure they're under right now. my guess is there's going to be a strong effort to open the nyse, even if it's a skeletal staff, even if it has to be just for a few hours to get trading done on wednesday. >> if you're an investor with these kind of days off for trading, what does it mean for you, eric, as somebody who's going to allocate capital, come up with an investment strategy, what do you do with the markets closed? >> well, first off, let me say that at hodges fund our hearts go out to everyone affected by this storm. right now, any time you have a disruption of this magnitude, it's going to create distortions in the market, in stock prices. there's going to be opportunities presented. i think you really have to look through some of the short-term variables and really look at longer term opportunities out there. i wouldn't underestimate the
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fact that for a lot of these funds, this is the end of tax year and a lot of tax loss selling that occurs in the last week of october that is now going to be pent up to when the market resumes trading on wednesday. >> exactly. >> which is why i said earlier, to michael, would you expect basically people trying to get out of positions, a selloff come wednesday? is that what you would expect wednesday if the markets are open, we get a sizeable sell off12of off? eric? >> i think we'll see added volatility. that's going to create some opportunities out there. i think you have to look through near-term issues. because a lot of that normal, natural selling that does occur toward the end of october, will probably occur over a shorter time period. >>. >> we will leave it there. a lot of moving parts we'll
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check in after this break. super storm sandy sending shock waves across corporate earnings calendar. herb greenberg coming up with that. keep it right here for sandy's storm track, flight cancellations, the impablgt on business and money. ♪ ♪ ♪ [ male announcer ] don't just reject convention. drown it out. introducing the all-new 2013 lexus ls f sport. an entirely new pursuit. how did i get here? dumb luck? or good decisions? ones i've made. ones we've all made. about marriage. children. money.
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we are looking at a live
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shot of point pleasant, new jersey, where winds are severe and water is picking up. we are expecting hurricane sandy to make landfall within the next two hours. hurricane sandy forcing several companies to delay earnings report. herb greenberg here to round up that part of the storm. >> it's swg. as we speak we're continuing to get more and more come out. this is like school closings. have i more than 50 much them. i will give you a few highlights. let's go through them right now. time warner delaying until monday. cummins until wes. delphi to thursday cirrus logic to wednesday. pfizer, thursday. avon, thursday. mcgraw-hill, friday. sirus, thursday. hertz, wednesday. p pitney bowes, thursday.
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dendredon wednesday. penske is delaying. going to delay earnings calls. you have to keep occupy it and this is giving awe a smattering but these are some of them. >> they're delaying it because of the human story? their folks are not in? what has led them to cancel release release? >> i think others are cognizant of the fact shareholders and investors may not have electricity to listen to conference call or get information. eye heard from others others that spend time to go through the numbers so they have an idea of what's going on which is something novel these days. >> thanks very much. more of the impact of hurricane sandy on the markets. we're now welcoming tom lee from
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jpmorgan here with me. thanks for making it out with this horrible weather. >> yeah. >> markets are closed today and tomorrow. >> yep. >> what have you been hearing from thursday clients? are they sitting on positions they want to unload? what is the impact here? >> i haven't heard from a lot of people. we've had a lot of people reschedule. we've been talking about whether or not we should keep meetings scheduled for wednesday. it's clear from some inquiries, i think people are trying to understand the economic effects. i think comparing this episode to katrina, which is the analog a lot of people are working with, for the most part i would say on balance, there's a lot of short-term turmoil, a lot of things happening. it's the end of the month. we've already got a lot of other anxiety out there. and it's in the middle of earning season so we'll have some delays. on the other hand, if we look at markets in '05, there was an initial selloff but markets sort
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of gained traction, especially as people saw past the short-term economic effects and saw the lift coming from the spending. >> no doubt about it, we have end of month positioning, so if you're sitting on positions and you need to get out of those positions for whatever reason, because it's the end of the month, you can't do it. the markets are closed. and so i'm wondering if this is creating a pent-up situation where we see a heavy selloff once markets do resume on wednesday. we're hoping for wednesday. we haven't seen a two-day closing of markets, i don't think ever. >> that's right. >> i think it's possible we could see some selling pressure because there's window dressing and people don't want stocks down for the month, big positions. i think investors f we do see something like that, you know, have you to -- investors have to ask themselves, is this short-term effect or changing the thesis? i would view that as a pretty good entry point. if there's a name out there, a high-quality name, decent visibility and being sold
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because of some sort of window dressing, i think that's a very good entry point. >> all right. we'll leave it there. of course, as we should point out, the only other time we had these markets closed was 9/11. which of course the market was closed on tuesday, september 11, 2001 and did not reopen until the following monday. good to have you. thanks for joining us today. we appreciate it. our special coverage of hurricane sandy continues. we'll have an update on the hurricane's projected landfall. i'll be talking with dick kovacevich, he says hard-hit communities could see a stimulus effect in the wake of sandy's destruction. i'll talk to him about the impact of the financial services industry and talking to the head of tropicana enter stainment about sandy's impact on atlantic city. 345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have the lowest tdd#: 1-800-345-2550 operating expenses tdd#: 1-800-345-2550 in their respective tdd#: 1-800-345-2550 lipper categories.
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welcome back. live from 30 rockefeller center here at nbc. hurricane sandy is hitting the northeast hard. the strength is just starting to pick up. todd gross with the latest on sandy's path. todd, what can you tell us? >> first of all, it is moving faster. looks like it's going to cross the coastline around 7:00 tonight. the effects will not be over at
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that time. let me show you why. first of all, if you look closely to the southeast of atlantic city, right about there, that is where the center is. that's where you see kind of a hole in the precipitation. almost like a circular hole right there. and that is moving to the north and west very, very clearly on track. however, it's doing so a little faster than was expected. just a little. that has two effects. one is meaning even more wind because there's a counterclockwise circulation of winds and the forward motion will add to the wind on the north side, in other words, the right-hand side of motion. bottom line, additional storm surge right in through long island and down the new jersey shoreline to around atlantic city. that is a big problem. let's take a look at that storm surge situation. again, we're looking at 3 to 6 feet in general in eastern new
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england. look what happens. because the water's coming from east to west, it kind of backs in through the long island sound, as an example, to 6 to 11 feet. we're looking at 4 to 8 feet down the new jersey shoreline. then big waves on top of that. that's all going to be happening this evening, approximately between 7:00 and midnight in terms of the worst. we'll object the air live covering that every step of the way for you. >> thanks very much, todd, with the latest there. we'll be back to you as this storm develops. we want to get more impact on the business and certasectors. dick kovacevich joins me now from san francisco. thank you time for us today. you've seen storms like this at the helm of wells fargo. what's yours reaction to this storm response we've seen by state and local communities and business? >> our hearts go out to all of you on the east coast. we sincerely hope you get through this safely. we all have had storms and we've
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gone through this before. i think one of the advantages of a storm is that we do get a warning. in this case we've had days of warning. it allows us to prepare for a serious event like this. and perhaps even more importantly, it allows us to be ready to handle the aftereffects of such a devastation. >> say -- >> compared to an earthquake or terrorism, which you don't get any warning for. so, it does help to us handle this. >> what about the fact that the markets have been closed, i mean, the markets closed today, closed tomorrow. two days of trading interrupted. we haven't seen this, obviously, since september 11th. and before that, the only time the markets were closed due to weather was 1888. so, what would you expect once trading resumes? >> well, i think there will be volatility. i think the greatest risk is, remember, the markets have been
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questioning our economic growth here for the past few weeks. some feel the market's already overvalued. this adds to that risk and that uncertainty. >> and -- >> my own opinion, however, should the markets fall steeply, i think buyers will come in because this is not going to have a long-term negative impact. in some cases, local businesses actually grow after the national devastation because you have to repair things, fix things, construction workers who are out of work. in many cases it's a short-term economic boom as happened in katrina in louisiana. >> so, you think at some point there will be a stimulus effect to businesses once sandy moves out of the region. for the financial services industry, with business shut down for a couple of days k you estimate a financial impact in terms of revenue lost? >> first of all, all financial services companies have robust
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recovery programs. disaster recovery programs. again, because of this warning they're all in effect. and they may be affected by power supply issues, but they have alternatives in place now. so, i think that that will reduce the impact, unlike what happened on september 11th, where there was no warning. i don't think there will be a long-term negative financial impact on the services industry. >> we'll leave it there. we wanted to talk to you about other thing before this storm. we appreciate you keeping date and we hope we'll see you soon. thanks much. >> thank you. >> dick kovacevich, ceo of welsz fargo. interview with andrew cuomo. we'll talk with him. then super storm sandy forcing the cancellation of thousands of flights across the country. i'll be talking with chief operating officer of jetblue, ask him when things will return
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welcome back to special coverage. we want to get the latest on how new york state is handling the worsening conditions of hurricane sandy. joining me right now on the telephone is new york governor andrew cuomo. governor, thanks for spending the time for us and calling in. >> my pleasure, maria. nice to be with you. >> so, we watched a bit of your presser earlier. we know the water is rising on
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the coast. wall street is in lockdown mode, totally shutdown. what kind of an impact are you expecting f, in fact, we do see heavy flooding on wall street once things get back to normal? >> well, this is -- it's a different kind of experience for the state, as you know. this is basically, as you describe, a coastal phenomenon. so, lower manhattan, long island, south shore, north shore. but depending on how bad the surge is, which we'll know better in a few hours here. they moved up the time for the surge from 8:00 to about 7:00. but if there was a problem with wall street, it would be a priority to get it up and running as soon as possible. i've spoken to the white house and i know it's a priority for them to make sure that we get wall street and the markets prayingal as soon as possible.
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i apologize for the noise in the background. the power just went on it here. i apologize. >> governor, do you have any expectation in terms of the loss in revenue, the economic impact to new york state or new york city, given the fact that business is in lockdown mode and shut down? >> you know, maria, i don't think -- the economic impact, the bill for the damage ultimately gets picked up primarily by the federal government. in concert with local and state governments. the federal government pays the bulk of the bill. and you have a large number of states. and my guess is, this is going to be extensive damage from a financial point of view, which federal government through fema, federal emergency management agency, et cetera, ultimately winds up paying for. state and locals pay a portion of it. but it's a small portion. i don't believe that's going to have a significant impact long
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term. the expenses diffused. it's not good for state and local governments because we're already under a lot of pressure but i think that's going to be manageable. and i don't think it's going to have a major impact. i just -- your question earlier on when do the markets get up and running and is there a delay, i think if there's an economic impact, that would be it. that's why the white house is concerned. i'm going to be reaching out to secretary geithner to make sure we're coordinated to everything we can to get wall street everything it needs to be operational as soon as possible. >> and your power just went out. we're expecting widespread power outages once sandy does hit landfall. is that an accurate statement? i mean, will things get worse from here? >> things will get worse. i'm in a military facility and we just had interpretation of the power. as you heard. i apologize for the disruption.
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it will get worse before it gets better. no doubt about that. the storm surge which was supposed to be about 8:00 tonight has been moved up to 6:00 or 7:00. we've had a low tide, basically all day. we've had significant flooding with low tide before the storm really hit. so, we haven't felt the punch yet. we're going to feel that this evening. about 200,000, 180,000 people without power already in the state. it's not going to be good. it's manageable and we're tough as new yorkers, as you know, we're resilient and we come together, but it's not going to be easy. >> governor, are you looking into this crane that's hanging off a building on west 57th street? we've been talking about this all day. emergency workers are at the scene of a crane dangling off a 65-story building. it's in the middle of construction. going to 90 floors. i guess folks want to know, how
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is it possible the construction company left the crane on the roof knowing what was coming our way? >> well, you know, maria, ifs on long island now. i was in manhattan earlier. first thing i did this morning was i went to the world trade center site. one of the things we were concerned about were the cranes in the world trade center site, right, because you're right down at ground zero. so it was a cause of concern there. yeah, i'm aware of it. i know the city is sending structural engineers to see what the situation -- assess the situation. but it is very frightening. i have to tell you, maria, i've been all over the state today. it's very bad out there. and that we have not had more incidents, i think, frankly, we've been very, very lucky. i haven't heard a report of any loss of life thus far and i think we're very, very lucky
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when it comes to that. hope to god it remains the case. but it's -- people should not take this lightly. you know, it's not a spectator event. it is very serious. and these wind gusts, we just closed more bridges in new york. we closed the george washington bridge, close the verrazano bridge, all the big bridges as the evening goes on because it's a very serious situation. >> what is your recommendation for businesses who obviously have been shutting down as well to just get out of the way? any recommendation here for wall street or business that is clearly shutting their doors as we all hunker down? >> no. i think you beat me to the punch, as usual. stay home is the advice. you don't need to be out. you don't need to be on the roads. frankly, we don't want you on the roads. we need first responders to get where they need to go and
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emergency vehicles to be able to get where they need to go. the roads are not safe. they're just not safe. especially as we're coming into these evening hours. and on the wall street situation, we get how important the financial markets are to this country. they're important to our state also. and i believe they have very sophisticated backup power precautions they've already taken. but i'm going to be all over it. any help they need from us, they will get. >> governor, we know you're all over it. we appreciate you taking the time to call into the program tonight. thanks very much. >> thanks. i apoll guides for the noise in the background, but some things even a governor can't control, maria. >> thank you, governor. we'll see you soon. governor andrew cuomo joining us as you heard from long island today. robert frank joins me now for more on the crane in midtown manhattan. you're outside the building, robert? >> reporter: yes, we are, maria. as you heard the governor say,
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they're trying to get structural engineers here. in the meantime, the police and fire department have blocked off the entire area between 6th and 8th avenue on 57th street. it's a huge area. but if you look up at that crane, which should be pointing to the sky rather than toward the ground, that's a seven-story piece of crane that's hanging off there. i don't know how they're going to get up -- get workers up there to secure it or even to inspect it. so, in the meantime, they're trying to keep everybody clear of the area so there are no damages. a couple of important storylines with this building. it's not just any building. this one57 tower is the most high-profile residential new luxury development in manhattan. several billionaires are on the penthouse floors, purchasing apartments for more than $90 million. again, one of the most expensive buildings in the city. also the construction company behind this is the company formerly called bovis. they, of course were the company involved in the deutsche bank building and the death of those firefighters. a lot of questions are going to be asked about this company,
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about the general contractor and whether they followed the rules that the city required, shut down construction, secure all cranes over the weekend. so, a lot of questions for a very high-profile building already under a lot of scrutiny. >> that's right. because construction sites were told to tie equipment down by saturday at 5 p.m. i mean, the rest of the world took whatever they had in their backyards or on their balconies out and made sure there was nothing that the wind can move. i don't understand why this construction company thought it was okay to leave a crane on the top of a 65-story building. >> reporter: you know, i couldn't agree more, maria. the other question is, i'm not quite sure how you tie down a crane that large and whether they might have followed protocol. there's been a huge surge in luxury developments in manhattan over the last six to eight months. a lot of cranes in manhattan all of a sudden. again, i'm not quite sure, once they're up there, that's qui
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high, a 90-story building, the tallest residential to youer in new york. i don't know how you quite secure a crane that large. these are questions that everyone's going to city did its job with these random inspections they are supposed to dover the weekend. >> robert, thanks very much. in the element, robert frank outside the building. the city official said they have month plans to go up and remove that crane. they have gone as high as they can to inspect the crane. they are not planning on taking it down. even though it is hanging over the side of the building. take a short break. when we come back, sandy wreaking havoc up and down the east coast. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest.
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welcome back. continuing coverage of hurricane sandy. nearly 14,000 flights have been canceled due to hurricane sandy. more specifics on the impact on air travel from new york based jetblue. it has a major presence along the east coast. on the telephone with me is the jetblue chief operating officer. good to have you on the program. can you update us on how many
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flights have you cancelled and when you think you will be able to get stranded travelers moving again? >> good to be with you. as i sit here today in long island city we are -- cancelled about 1,200 pilots through the early part of wednesday. we are planning right now to begin bringing flights back to boston on tuesday night. then trying at the infrastructure ready for us and -- what -- subways and bridges and -- mass trance and it all that kind of good stuff if they can come back reliably tuesday night into wednesday we will try to begin operating into new york sometime on wednesday. >> we have got 12 had 00 flight cancelations at jetblue is that the right number? 1300 flights? >> that's correct. that's what we are at right now. >> what kind of precautions did you have to take with your equipment, specifically the planes, ahead of and during the storm? >> last week we started raising a lot of awareness internably the magnitude of what the storm can be. fortunately or unfortunately all
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those predictions are coming true. we are planning late into last week. then on saturday we really -- called that decision day. we had to start making decisions. first part of our plan was to safely secure our assets. customers, crew members, which is our word for employees and also our airplanes. and we -- actually had to depart about 60 aircraft supposed to remain overnight. all the way as far south as washington, d.c., all the way up into boston to safer havens. mainly out in florida and also the midwest. it was quite an airlift operation. >> i mean, we know that we are just at the beginning of this and it is going to get a lot worse. once sandy makes landfall. which we are expect something the next two hours. you don't know the total financial impact on to the airline but what kind of estimate are you expecting in terms of the cost and lost revenue due to a storm like this? you know, you know our industry pretty well. while it is a receive lou
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lossuation it is a lot of cost we are not spending in terms of operating flights day in and day out. way too early to come up with an estimate but have one over the course of the next week after everything is -- back together and operating as expected. >> all right. we will check in with you again. again, 14,000 flight cancelations for the entire industry. 1300 flight cancelations of jetblue. good to have you on the program. thanks for your time tonight. >> thanks. >> it certainly won't be business as usual for tomorrow. top money watchers will tell what you you need to know to manage investments at a time these markets are closed today and tomorrow. we will get you set up for wednesday's onning. our special coverage of the monster storm continues on "the closing bell." in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in education.
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how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. welcome back. we continue our live coverage. camera that's behind me, a live picture right behind me. camera is outside. you can see what's happening behind me. it is shaking. that's because the winds have picked up very severely outside. this is a shot of broadway. it is shooting down broadway. it is right behind me. it is a live camera. and as you can see, you can see partly the rain but really what's most important is the fact that this camera shaking so much because of the winds.